Ameritrade started a Buy at Deutsche; E*Trade a Hold

Alongside its initiation of Schwab with a Buy, Deutsche's Brian Bedell starts TD Ameritrade (AMTD +0.2%) with the same rating. Of note: The outsourced banking agreement with 41% owner TD Bank allows high returns on cash management without the capital burdens or credit risk, thus giving AMTD to room for buybacks and dividends. As with Schwab, the company has substantial leverage to higher interest rates.

As opposed to its two competitors, E*Trade (ETFC +0.1%) rates just a Hold.

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